NPORT-EX 2 poi_fhmanagedvolatilityfdii.htm POI - FEDERATED HERMES MANAGED VOLATILITY FUND II EDGAR HTML
Federated Hermes Managed Volatility Fund II
Portfolio of Investments
March 31, 2023 (unaudited)  
Shares or
Principal
Amount
 
 
Value
 
COMMON STOCKS—39.7%
 
Communication Services—3.3%
5,439
1
Alphabet, Inc., Class A
$564,187
3,674
1
Alphabet, Inc., Class C
382,096
15,732
 
AT&T, Inc.
302,841
6
 
Cable One, Inc.
4,212
19,880
 
Comcast Corp., Class A
753,651
2,015
 
Electronic Arts, Inc.
242,707
1,169
 
Fox Corp
36,601
332
1
Live Nation Entertainment, Inc.
23,240
45,491
 
Lumen Technologies, Inc.
120,551
456
1
Madison Square Garden Sports Corp.
88,852
6,523
1
Meta Platforms, Inc.
1,382,485
50
1
Netflix, Inc.
17,274
393
 
Nexstar Media Group, Inc., Class A
67,855
621
1
Pinterest, Inc.
16,935
2,734
1
Playtika Holding Corp.
30,785
2,651
1
T-Mobile USA, Inc.
383,971
7,892
1
TripAdvisor, Inc.
156,735
16,271
 
Verizon Communications, Inc.
632,779
6,047
1
Walt Disney Co.
605,486
 
TOTAL
5,813,243
 
Consumer Discretionary—2.2%
30
 
ADT, Inc.
217
2,421
1
Aptiv PLC
271,612
66
1
AutoZone, Inc.
162,238
366
 
Best Buy Co., Inc.
28,647
1,760
 
Block (H&R), Inc.
62,040
868
1
Bright Horizons Family Solutions, Inc.
66,827
137
 
Domino’s Pizza, Inc.
45,192
44
1
DoorDash, Inc.
2,797
6,825
 
eBay, Inc.
302,825
10,135
 
Ford Motor Co.
127,701
41
 
General Motors Co.
1,504
1,064
 
Genuine Parts Co.
178,018
2,199
1
Grand Canyon Education, Inc.
250,466
559
 
Home Depot, Inc.
164,972
316
 
Lear Corp.
44,079
1,155
 
LKQ Corp.
65,558
548
 
Lowe’s Cos., Inc.
109,584
2,675
 
McDonald’s Corp.
747,957
1,392
1
Norwegian Cruise Line Holdings Ltd.
18,722
23
1
NVR, Inc.
128,160
255
1
O’Reilly Automotive, Inc.
216,490
8,962
1
Rivian Automotive, Inc.
138,732
63
1
Royal Caribbean Cruises, Ltd.
4,114
170
 
Starbucks Corp.
17,702
1
Shares or
Principal
Amount
 
 
Value
 
COMMON STOCKS—continued
 
Consumer Discretionary—continued
4,829
 
Tapestry, Inc.
$208,178
452
 
Toll Brothers, Inc.
27,134
7,946
1
Under Armour, Inc., Class A
75,407
1,734
1
Under Armour, Inc., Class C
14,791
95
 
Vail Resorts, Inc.
22,200
1,116
 
Whirlpool Corp.
147,334
1,182
 
Wyndham Hotels & Resorts, Inc.
80,199
1,018
 
Yum! Brands, Inc.
134,457
 
TOTAL
3,865,854
 
Consumer Staples—3.0%
1,470
 
Albertsons Cos., Inc.
30,547
13,885
 
Altria Group, Inc.
619,549
3,058
 
Archer-Daniels-Midland Co.
243,600
997
 
Casey’s General Stores, Inc.
215,811
87
 
Clorox Co.
13,767
1,389
 
Hershey Foods Corp.
353,375
9
 
Kimberly-Clark Corp.
1,208
3,627
 
Kroger Co.
179,065
3,662
 
Mondelez International, Inc.
255,315
2,059
 
PepsiCo, Inc.
375,356
4,944
 
Philip Morris International, Inc.
480,804
6,687
 
Procter & Gamble Co.
994,290
8,645
 
The Coca-Cola Co.
536,249
1,530
1
US Foods Holding Corp.
56,518
5,281
 
WalMart, Inc.
778,683
 
TOTAL
5,134,137
 
Energy—3.3%
620
 
APA Corp.
22,357
13,856
1
Atlas Energy Solutions, Inc.
235,968
2,579
 
Cheniere Energy, Inc.
406,450
5,960
 
Chevron Corp.
972,434
7,351
 
ConocoPhillips
729,293
880
 
DT Midstream, Inc.
43,446
3,504
 
EQT Corp.
111,813
16,034
 
Exxon Mobil Corp.
1,758,288
16,930
 
Marathon Oil Corp.
405,643
3,398
 
Marathon Petroleum Corp.
458,152
1,952
 
ONEOK, Inc.
124,030
6,084
 
Range Resources Corp.
161,044
512
 
Schlumberger Ltd.
25,139
6,000
1
TXO Energy Partners, LP
138,660
742
 
Valero Energy Corp.
103,583
 
TOTAL
5,696,300
 
Financials—7.9%
2,315
 
Affiliated Managers Group
329,702
3,239
 
Ally Financial, Inc.
82,562
1,724
 
American Express Co.
284,374
9,541
 
American International Group, Inc.
480,485
839
 
Ameriprise Financial, Inc.
257,153
5,791
 
Annaly Capital Management, Inc.
110,666
2
Shares or
Principal
Amount
 
 
Value
 
COMMON STOCKS—continued
 
Financials—continued
21,412
 
Bank of America Corp.
$612,383
9,542
 
Bank of New York Mellon Corp.
433,588
5,679
1
Berkshire Hathaway, Inc., Class B
1,753,505
267
 
BlackRock, Inc.
178,655
5,011
1
Brighthouse Financial, Inc.
221,035
516
 
Capital One Financial Corp.
49,619
1,358
 
Charles Schwab Corp.
71,132
3,067
 
Chubb Ltd.
595,550
11,076
 
Citigroup, Inc.
519,354
1,048
 
CME Group, Inc.
200,713
1,984
 
Discover Financial Services
196,099
2,483
 
East West Bancorp, Inc.
137,806
14,749
 
Equitable Holdings, Inc.
374,477
10,614
1
F&G Annuities & Life, Inc.
192,326
3,132
 
Fidelity National Information Services, Inc.
170,162
897
1
Fiserv, Inc.
101,388
200
 
Global Payments, Inc.
21,048
1,268
 
Goldman Sachs Group, Inc.
414,775
3,517
 
Hartford Financial Services Group, Inc.
245,100
10,313
 
JPMorgan Chase & Co.
1,343,887
6,718
 
KeyCorp
84,109
786
 
Lazard Ltd., Class A
26,024
1,180
 
MetLife, Inc.
68,369
10,290
 
MGIC Investment Corp.
138,092
163
 
Moody’s Corp.
49,881
3,527
 
Morgan Stanley
309,671
4,795
 
OneMain Holdings, Inc.
177,799
2,534
1
PayPal Holdings, Inc.
192,432
1,138
 
PNC Financial Services Group
144,640
6,357
 
Popular, Inc.
364,955
18,285
 
Regions Financial Corp.
339,370
231
 
S&P Global, Inc.
79,642
4,096
1
Skyward Specialty Insurance Group, Inc.
89,579
23,503
 
SLM Corp.
291,202
2,184
 
State Street Corp.
165,307
5,943
 
Synchrony Financial
172,822
1,933
 
The Travelers Cos., Inc.
331,335
7,078
 
Truist Financial Corp.
241,360
10,977
 
Virtu Financial, Inc.
207,465
5,291
 
Wells Fargo & Co.
197,778
8,342
 
Western Alliance Bancorp
296,475
830
1
WEX, Inc.
152,629
684
 
Willis Towers Watson PLC
158,948
404
 
Zions Bancorporation, N.A.
12,092
 
TOTAL
13,669,520
 
Health Care—6.5%
4,645
 
Abbott Laboratories
470,353
428
 
Agilent Technologies, Inc.
59,209
521
1
Biogen, Inc.
144,854
439
1
Bio-Rad Laboratories, Inc., Class A
210,290
3
Shares or
Principal
Amount
 
 
Value
 
COMMON STOCKS—continued
 
Health Care—continued
11,984
 
Bristol-Myers Squibb Co.
$830,611
4,025
 
Cardinal Health, Inc.
303,887
1,092
1
Centene Corp.
69,025
186
 
CIGNA Corp.
47,529
5,662
 
CVS Health Corp.
420,743
2,089
 
Danaher Corp.
526,512
289
 
Dentsply Sirona, Inc.
11,352
1,283
 
Elevance Health, Inc.
589,936
423
 
Eli Lilly & Co.
145,267
570
1
GE HealthCare Technologies, Inc.
46,757
8,533
 
Gilead Sciences, Inc.
707,983
791
 
HCA Healthcare, Inc.
208,571
4,931
1
Hologic, Inc.
397,932
379
 
Humana, Inc.
183,989
841
1
Illumina, Inc.
195,575
9,722
 
Johnson & Johnson
1,506,910
218
 
Laboratory Corp. of America Holdings
50,014
1,172
 
McKesson Corp.
417,291
2,017
 
Medtronic PLC
162,610
7,899
 
Merck & Co., Inc.
840,375
149
1
Moderna, Inc.
22,883
16,487
 
Pfizer, Inc.
672,670
9,480
 
Premier, Inc.
306,868
255
 
Quest Diagnostics, Inc.
36,077
216
1
Regeneron Pharmaceuticals, Inc.
177,481
7,620
1
Structure Therapeutics, Inc., ADR
181,280
11,269
1
Teladoc Health, Inc.
291,867
896
 
Thermo Fisher Scientific, Inc.
516,427
26,600
1
TMS Co., Ltd.
103,874
716
 
UnitedHealth Group, Inc.
338,374
578
1
Vertex Pharmaceuticals, Inc.
182,110
 
TOTAL
11,377,486
 
Industrials—4.4%
2,530
 
3M Co.
265,928
402
 
Acuity Brands, Inc.
73,457
2,707
 
AECOM
228,254
2,784
 
Allison Transmission Holdings, Inc.
125,948
263
 
Automatic Data Processing, Inc.
58,552
167
1
Avis Budget Group, Inc.
32,532
1,599
1
Boeing Co.
339,676
4,345
1
Builders Firstsource, Inc.
385,749
4
 
C.H. Robinson Worldwide, Inc.
398
319
 
Caterpillar, Inc.
73,000
3,375
 
CSX Corp.
101,048
1,827
 
Dun & Bradstreet Holdings, Inc.
21,449
1,245
 
Eaton Corp. PLC
213,318
424
 
Emerson Electric Co.
36,947
40,000
1
Eurogroup Laminations S.p.A.
210,393
552
 
Expeditors International Washington, Inc.
60,786
2,278
 
General Dynamics Corp.
519,862
4
Shares or
Principal
Amount
 
 
Value
 
COMMON STOCKS—continued
 
Industrials—continued
2,271
 
General Electric Co.
$217,108
3,360
 
Honeywell International, Inc.
642,163
1,589
 
Ingersoll-Rand, Inc.
92,448
4,368
 
Johnson Controls International PLC
263,041
2,097
 
L3Harris Technologies, Inc.
411,515
1,226
 
Leidos Holdings, Inc.
112,866
2,925
1
Lyft, Inc.
27,115
1,411
 
Manpower, Inc.
116,450
47
 
Masco Corp.
2,337
2,161
 
Norfolk Southern Corp.
458,132
3,469
 
OshKosh Truck Corp.
288,551
1,689
 
Otis Worldwide Corp.
142,552
1,009
 
Owens Corning, Inc.
96,662
692
 
Parker-Hannifin Corp.
232,588
4,297
 
Raytheon Technologies Corp.
420,805
266
 
Republic Services, Inc.
35,969
13,800
1
Skymark Airlines, Inc.
124,202
1,013
 
Textron, Inc.
71,548
944
 
Trane Technologies PLC
173,677
10,561
1
Uber Technologies, Inc.
334,784
566
1
United Rentals, Inc.
224,000
1,865
 
Waste Management, Inc.
304,312
1,664
1
Willscot Corp.
78,008
 
TOTAL
7,618,130
 
Information Technology—3.2%
1,486
1
Advanced Micro Devices, Inc.
145,643
2,961
1
Cirrus Logic, Inc.
323,874
17,870
 
Cisco Systems, Inc.
934,154
1,986
 
Cognizant Technology Solutions Corp.
121,007
2,096
 
Dell Technologies, Inc.
84,280
6,235
1
Dropbox, Inc.
134,801
3,670
1
DXC Technology Co.
93,805
1,571
1
GoDaddy, Inc.
122,098
26,846
 
Hewlett Packard Enterprise Co.
427,657
1,546
 
HP, Inc.
45,375
14,983
 
Intel Corp.
489,495
10,000
1
IONOS SE
160,723
2,802
 
Juniper Networks, Inc.
96,445
4,289
1
Kyndryl Holdings, Inc.
63,306
6,759
 
Marvell Technology, Inc.
292,665
978
 
Microchip Technology, Inc.
81,937
6,333
 
Micron Technology, Inc.
382,133
5,266
1
Nutanix, Inc.
136,863
692
1
ON Semiconductor Corp.
56,965
754
 
Oracle Corp.
70,062
338
1
Qorvo, Inc.
34,331
2,623
1
Salesforce, Inc.
524,023
682
1
Snowflake, Inc.
105,226
3,980
1
Teradata Corp.
160,314
482
1
Verisign, Inc.
101,861
5
Shares or
Principal
Amount
 
 
Value
 
COMMON STOCKS—continued
 
Information Technology—continued
1,970
1
VMware, Inc., Class A
$245,954
5,311
1
Western Digital Corp.
200,065
 
TOTAL
5,635,062
 
Materials—2.0%
129
 
Air Products & Chemicals, Inc.
37,050
578
 
Alcoa Corp.
24,600
1,007
 
Avery Dennison Corp.
180,183
6,238
 
Dow, Inc.
341,967
1,663
 
Ecolab, Inc.
275,276
4,135
 
Freeport-McMoRan, Inc.
169,163
1,497
 
Huntsman Corp.
40,958
33,333
1
Lithium Royalty Corp.
399,552
669
 
Louisiana-Pacific Corp.
36,267
1,791
 
LyondellBasell Industries N.V.
168,157
2,373
 
New Linde PLC
843,459
3,113
 
Newmont Corp.
152,599
1,027
 
Nucor Corp.
158,641
2,986
 
Olin Corp.
165,723
769
 
Steel Dynamics, Inc.
86,943
2,531
 
United States Steel Corp.
66,059
7,613
 
WestRock Co.
231,968
 
TOTAL
3,378,565
 
Real Estate—1.7%
694
 
American Tower Corp.
141,812
10,304
 
Apartment Income REIT Corp.
368,986
261
 
Avalonbay Communities, Inc.
43,864
2,053
1
CBRE Group, Inc.
149,479
3
 
Equinix, Inc.
2,163
1,776
 
Extra Space Storage, Inc.
289,364
1,277
 
First Industrial Realty Trust
67,936
6,140
 
Host Hotels & Resorts, Inc.
101,248
6,119
 
ProLogis, Inc.
763,468
1,257
 
Public Storage
379,790
476
 
SBA Communications, Corp.
124,269
4,247
 
UDR, Inc.
174,382
14,054
 
Weyerhaeuser Co.
423,447
 
TOTAL
3,030,208
 
Utilities—2.2%
13,828
 
AES Corp.
332,978
5
 
Brookfield Renewable Corp.
175
3,694
 
Consolidated Edison Co.
353,405
333
 
DTE Energy Co.
36,477
1,141
 
Duke Energy Corp.
110,072
5,423
 
FirstEnergy Corp.
217,245
11,023
 
NextEra Energy, Inc.
849,653
13,982
 
PPL Corp.
388,560
3,410
 
Public Service Enterprises Group, Inc.
212,954
5,432
 
Southern Co.
377,959
8,826
 
UGI Corp.
306,792
5,449
 
Vistra Corp.
130,776
6
Shares or
Principal
Amount
 
 
Value
 
COMMON STOCKS—continued
 
Utilities—continued
7,076
 
Xcel Energy, Inc.
$477,205
 
TOTAL
3,794,251
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $57,699,070)
69,012,756
 
U.S. TREASURIES—19.4%
 
Treasury Inflation-Indexed Note—0.0%
$12,623
 
U.S. Treasury Inflation-Protected Notes, 1.000%, 2/15/2046
11,250
 
U.S. Treasury Bond—3.4%
150,000
 
United States Treasury Bond, 1.375%, 11/15/2040
103,179
760,000
 
United States Treasury Bond, 1.625%, 11/15/2050
487,228
860,000
 
United States Treasury Bond, 2.375%, 2/15/2042
690,941
20,000
 
United States Treasury Bond, 2.750%, 11/15/2047
16,645
2,950,000
 
United States Treasury Bond, 2.875%, 5/15/2052
2,522,668
1,000
 
United States Treasury Bond, 3.000%, 11/15/2044
871
900,000
 
United States Treasury Bond, 3.000%, 2/15/2049
787,834
1,100,000
 
United States Treasury Bond, 3.125%, 5/15/2048
982,217
300,000
 
United States Treasury Bond, 4.000%, 11/15/2052
318,291
 
TOTAL
5,909,874
 
U.S. Treasury Note—16.0%
500,000
 
United States Treasury Note, 0.125%, 4/30/2023
498,427
2,000,000
 
United States Treasury Note, 0.250%, 9/30/2023
1,957,207
330,000
 
United States Treasury Note, 0.625%, 7/31/2026
297,660
900,000
 
United States Treasury Note, 0.625%, 8/15/2030
733,170
400,000
 
United States Treasury Note, 0.875%, 11/15/2030
330,984
675,000
 
United States Treasury Note, 1.250%, 12/31/2026
616,722
300,000
 
United States Treasury Note, 1.375%, 11/15/2031
253,168
400,000
 
United States Treasury Note, 1.500%, 1/31/2027
368,184
200,000
 
United States Treasury Note, 1.625%, 5/15/2031
173,810
900,000
 
United States Treasury Note, 1.750%, 12/31/2024
863,433
775,000
 
United States Treasury Note, 1.750%, 3/15/2025
741,248
500,000
 
United States Treasury Note, 2.125%, 11/30/2024
483,222
1,150,000
 
United States Treasury Note, 2.250%, 3/31/2024
1,123,285
50,000
 
United States Treasury Note, 2.250%, 11/15/2027
47,035
3,500,000
 
United States Treasury Note, 2.500%, 4/30/2024
3,422,621
500,000
 
United States Treasury Note, 2.500%, 5/31/2024
488,578
3,800,000
 
United States Treasury Note, 2.625%, 5/31/2027
3,643,610
500,000
 
United States Treasury Note, 2.750%, 4/30/2027
481,871
5,700,000
 
United States Treasury Note, 2.750%, 7/31/2027
5,489,716
40,000
 
United States Treasury Note, 2.875%, 5/31/2025
39,050
300,000
 
United States Treasury Note, 2.875%, 5/15/2028
289,388
680,000
 
United States Treasury Note, 3.000%, 6/30/2024
667,902
110,000
 
United States Treasury Note, 3.125%, 8/31/2027
107,618
1,800,000
 
United States Treasury Note, 3.500%, 2/15/2033
1,802,626
250,000
 
United States Treasury Note, 3.875%, 11/30/2027
252,637
2,600,000
 
United States Treasury Note, 4.000%, 2/28/2030
2,668,656
 
TOTAL
27,841,828
 
TOTAL U.S. TREASURIES
(IDENTIFIED COST $35,672,044)
33,762,952
 
CORPORATE BONDS—11.9%
 
Basic Industry - Chemicals—0.1%
50,000
 
Albemarle Corp., Sr. Unsecd. Note, 5.450%, 12/1/2044
47,496
7
Shares or
Principal
Amount
 
 
Value
 
CORPORATE BONDS—continued
 
Basic Industry - Chemicals—continued
$75,000
 
RPM International, Inc., Sr. Unsecd. Note, 4.550%, 3/1/2029
$71,631
 
TOTAL
119,127
 
Basic Industry - Metals & Mining—0.0%
60,000
 
Glencore Funding LLC, Sr. Unsecd. Note, 144A, 1.625%, 4/27/2026
54,343
30,000
 
Glencore Funding LLC, Sr. Unsecd. Note, 144A, 3.375%, 9/23/2051
20,915
 
TOTAL
75,258
 
Capital Goods - Aerospace & Defense—0.4%
125,000
 
Boeing Co., Sr. Unsecd. Note, 2.700%, 2/1/2027
115,234
45,000
 
Boeing Co., Sr. Unsecd. Note, 3.950%, 8/1/2059
33,136
75,000
 
Boeing Co., Sr. Unsecd. Note, 4.875%, 5/1/2025
74,884
85,000
 
Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 3.483%, 12/1/2027
79,717
25,000
 
Leidos, Inc., Sr. Unsecd. Note, Series WI, 3.625%, 5/15/2025
24,366
110,000
 
Leidos, Inc., Sr. Unsecd. Note, Series WI, 4.375%, 5/15/2030
103,681
90,000
 
Northrop Grumman Corp., Sr. Unsecd. Note, 4.700%, 3/15/2033
90,976
95,000
 
Raytheon Technologies Corp., Sr. Unsecd. Note, 5.150%, 2/27/2033
98,922
100,000
 
Textron, Inc., Sr. Unsecd. Note, 3.650%, 3/15/2027
95,666
 
TOTAL
716,582
 
Capital Goods - Building Materials—0.1%
35,000
 
Allegion PLC, Sr. Unsecd. Note, 3.500%, 10/1/2029
31,665
20,000
 
Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.200%, 10/1/2024
19,425
90,000
 
Allegion US Holdings Co., Inc., Sr. Unsecd. Note, 3.550%, 10/1/2027
84,136
 
TOTAL
135,226
 
Capital Goods - Construction Machinery—0.1%
100,000
 
CNH Industrial NV, Sr. Unsecd. Note, Series MTN, 3.850%, 11/15/2027
96,111
170,000
 
John Deere Capital Corp., Sr. Unsecd. Note, Series MTN, 3.450%, 3/7/2029
163,473
 
TOTAL
259,584
 
Capital Goods - Diversified Manufacturing—0.1%
45,000
 
Honeywell International, Inc., Sr. Unsecd. Note, 1.350%, 6/1/2025
42,249
45,000
 
Honeywell International, Inc., Sr. Unsecd. Note, 2.800%, 6/1/2050
33,823
65,000
 
Valmont Industries, Inc., Sr. Unsecd. Note, 5.000%, 10/1/2044
58,235
70,000
 
Vontier Corp., Sr. Unsecd. Note, Series WI, 1.800%, 4/1/2026
62,050
45,000
 
Xylem, Inc., Sr. Unsecd. Note, 2.250%, 1/30/2031
37,591
 
TOTAL
233,948
 
Capital Goods - Packaging—0.1%
125,000
 
Packaging Corp., of America, Sr. Unsecd. Note, 3.650%, 9/15/2024
123,011
 
Communications - Cable & Satellite—0.3%
50,000
 
CCO Safari II LLC, 6.484%, 10/23/2045
47,424
25,000
 
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond, 3.850%, 4/1/2061
15,619
225,000
 
Comcast Corp., Sr. Unsecd. Note, 3.300%, 2/1/2027
217,151
150,000
 
Comcast Corp., Sr. Unsecd. Note, 3.950%, 10/15/2025
148,377
90,000
 
Time Warner Cable, Inc., Company Guarantee, 5.500%, 9/1/2041
77,851
 
TOTAL
506,422
 
Communications - Media & Entertainment—0.4%
115,000
 
Alphabet, Inc., Sr. Unsecd. Note, 2.050%, 8/15/2050
73,212
200,000
 
British Sky Broadcasting Group PLC, Sr. Unsecd. Note, 144A, 3.750%, 9/16/2024
196,215
100,000
 
Meta Platforms, Inc., Sr. Unsecd. Note, 3.500%, 8/15/2027
96,629
75,000
 
Meta Platforms, Inc., Sr. Unsecd. Note, 3.850%, 8/15/2032
70,249
75,000
 
Netflix, Inc., Sr. Unsecd. Note, 4.875%, 4/15/2028
74,693
50,000
 
Paramount Global, Sr. Unsecd. Note, 4.200%, 6/1/2029
46,004
65,000
 
S&P Global, Inc., Sr. Unsecd. Note, 2.900%, 3/1/2032
58,069
8
Shares or
Principal
Amount
 
 
Value
 
CORPORATE BONDS—continued
 
Communications - Media & Entertainment—continued
$65,000
 
Walt Disney Co., Sr. Unsecd. Note, 3.600%, 1/13/2051
$52,879
45,000
 
Walt Disney Co., Sr. Unsecd. Note, 3.800%, 5/13/2060
37,037
 
TOTAL
704,987
 
Communications - Telecom Wireless—0.3%
50,000
 
American Tower Corp., Sr. Unsecd. Note, 2.700%, 4/15/2031
41,966
60,000
 
American Tower Corp., Sr. Unsecd. Note, 3.100%, 6/15/2050
39,459
75,000
 
American Tower Corp., Sr. Unsecd. Note, 5.000%, 2/15/2024
74,675
100,000
 
Crown Castle International Corp., Sr. Unsecd. Note, 3.250%, 1/15/2051
68,982
105,000
 
T-Mobile USA, Inc., Series WI, 3.000%, 2/15/2041
77,930
90,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 5.200%, 1/15/2033
91,850
60,000
 
Vodafone Group PLC, Sr. Unsecd. Note, 4.125%, 5/30/2025
59,357
70,000
 
Vodafone Group PLC, Sr. Unsecd. Note, 5.250%, 5/30/2048
67,606
 
TOTAL
521,825
 
Communications - Telecom Wirelines—0.3%
150,000
 
AT&T, Inc., Sr. Unsecd. Note, 1.700%, 3/25/2026
138,071
203,000
 
AT&T, Inc., Sr. Unsecd. Note, 3.800%, 12/1/2057
151,053
45,000
 
Rogers Communications, Inc., Sr. Unsecd. Note, 144A, 4.500%, 3/15/2042
38,811
80,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 3.400%, 3/22/2041
63,682
100,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 4.125%, 8/15/2046
85,566
 
TOTAL
477,183
 
Consumer Cyclical - Automotive—0.2%
150,000
 
Daimler Trucks Financial NA, Sr. Unsecd. Note, 144A, 2.375%, 12/14/2028
129,469
100,000
 
General Motors Co., Sr. Unsecd. Note, 6.125%, 10/1/2025
101,950
100,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 2.400%, 4/10/2028
87,383
 
TOTAL
318,802
 
Consumer Cyclical - Leisure—0.1%
100,000
 
Warnermedia Holdings, Inc., Sr. Unsecd. Note, 144A, 4.279%, 3/15/2032
89,352
100,000
 
Warnermedia Holdings, Inc., Sr. Unsecd. Note, 144A, 5.050%, 3/15/2042
83,734
 
TOTAL
173,086
 
Consumer Cyclical - Retailers—0.3%
45,000
 
Advance Auto Parts, Inc., Sr. Unsecd. Note, 1.750%, 10/1/2027
38,890
90,000
 
Advance Auto Parts, Inc., Sr. Unsecd. Note, Series WI, 3.900%, 4/15/2030
82,073
50,000
 
AutoNation, Inc., Sr. Unsecd. Note, 3.850%, 3/1/2032
42,635
40,000
 
AutoZone, Inc., Sr. Unsecd. Note, 3.625%, 4/15/2025
39,002
20,000
 
AutoZone, Inc., Sr. Unsecd. Note, 4.750%, 2/1/2033
19,773
85,000
 
CVS Health Corp., Sr. Unsecd. Note, 4.250%, 4/1/2050
71,122
60,000
 
CVS Health Corp., Sr. Unsecd. Note, 5.250%, 2/21/2033
61,260
40,000
 
Home Depot, Inc., Sr. Unsecd. Note, 2.950%, 6/15/2029
36,976
165,000
 
Home Depot, Inc., Sr. Unsecd. Note, 3.300%, 4/15/2040
137,342
 
TOTAL
529,073
 
Consumer Cyclical - Services—0.1%
65,000
 
Amazon.com, Inc., Sr. Unsecd. Note, 2.500%, 6/3/2050
44,112
125,000
 
Amazon.com, Inc., Sr. Unsecd. Note, 3.875%, 8/22/2037
116,434
 
TOTAL
160,546
 
Consumer Non-Cyclical - Food/Beverage—0.3%
105,000
 
Anheuser-Busch InBev Finance, Inc., Sr. Unsecd. Note, 4.900%, 2/1/2046
102,747
85,000
 
Constellation Brands, Inc., Sr. Unsecd. Note, 3.750%, 5/1/2050
67,336
25,000
 
Flowers Foods, Inc., Sr. Unsecd. Note, 2.400%, 3/15/2031
20,895
100,000
 
Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026
95,878
145,000
 
International Flavors & Fragrances, Inc., Sr. Unsecd. Note, 144A, 2.300%, 11/1/2030
116,468
9
Shares or
Principal
Amount
 
 
Value
 
CORPORATE BONDS—continued
 
Consumer Non-Cyclical - Food/Beverage—continued
$70,000
 
Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046
$61,046
70,000
 
PepsiCo, Inc., Sr. Unsecd. Note, 2.750%, 10/21/2051
51,536
90,000
 
Sysco Corp., Sr. Unsecd. Note, 4.450%, 3/15/2048
78,185
 
TOTAL
594,091
 
Consumer Non-Cyclical - Health Care—0.2%
27,000
 
Becton Dickinson & Co., Sr. Unsecd. Note, 3.794%, 5/20/2050
21,939
27,000
 
Becton Dickinson & Co., Sr. Unsecd. Note, 4.685%, 12/15/2044
25,158
90,000
 
Danaher Corp., Sr. Unsecd. Note, 2.600%, 10/1/2050
61,653
65,000
 
DH Europe Finance II S.a.r.l., Sr. Unsecd. Note, 2.600%, 11/15/2029
58,193
80,000
 
HCA, Inc., Sec. Fac. Bond, 3.500%, 7/15/2051
55,350
10,000
 
Stryker Corp., Sr. Unsecd. Note, 3.500%, 3/15/2026
9,702
100,000
 
Thermo Fisher Scientific, Inc., Sr. Unsecd. Note, 1.215%, 10/18/2024
94,953
 
TOTAL
326,948
 
Consumer Non-Cyclical - Pharmaceuticals—0.5%
83,000
 
Abbott Laboratories, Sr. Unsecd. Note, 3.750%, 11/30/2026
82,463
110,000
 
Amgen, Inc., Sr. Unsecd. Note, 5.250%, 3/2/2033
113,074
110,000
 
Amgen, Inc., Sr. Unsecd. Note, 5.650%, 3/2/2053
114,589
75,000
 
AstraZeneca PLC, Sr. Unsecd. Note, 1.375%, 8/6/2030
61,174
200,000
 
Bayer US Finance LLC, Sr. Unsecd. Note, 144A, 3.375%, 10/8/2024
194,554
70,000
 
Biogen, Inc., Sr. Unsecd. Note, 2.250%, 5/1/2030
58,963
75,000
 
Biogen, Inc., Sr. Unsecd. Note, 3.150%, 5/1/2050
52,296
40,000
 
Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.250%, 10/26/2049
36,305
91,000
 
Regeneron Pharmaceuticals, Inc., Sr. Unsecd. Note, 2.800%, 9/15/2050
60,805
115,000
 
Zoetis, Inc., Sr. Unsecd. Note, 3.000%, 5/15/2050
82,280
 
TOTAL
856,503
 
Consumer Non-Cyclical - Tobacco—0.2%
75,000
 
Altria Group, Inc., Sr. Unsecd. Note, 3.700%, 2/4/2051
50,700
50,000
 
BAT Capital Corp., Sr. Unsecd. Note, Series WI, 4.540%, 8/15/2047
37,301
125,000
 
Philip Morris International, Inc., Sr. Unsecd. Note, 2.100%, 5/1/2030
103,965
25,000
 
Philip Morris International, Inc., Sr. Unsecd. Note, 5.750%, 11/17/2032
26,253
55,000
 
Reynolds American, Inc., Sr. Unsecd. Note, 7.000%, 8/4/2041
56,606
 
TOTAL
274,825
 
Energy - Independent—0.1%
55,000
 
Diamondback Energy, Inc., Sr. Unsecd. Note, 6.250%, 3/15/2033
58,158
80,000
 
Hess Corp., Sr. Unsecd. Note, 5.600%, 2/15/2041
77,234
85,000
 
Marathon Oil Corp., Sr. Unsecd. Note, 4.400%, 7/15/2027
82,412
 
TOTAL
217,804
 
Energy - Integrated—0.2%
55,000
 
BP Capital Markets America, Inc., Sr. Unsecd. Note, 3.119%, 5/4/2026
52,957
80,000
 
Chevron Corp., Sr. Unsecd. Note, 3.078%, 5/11/2050
60,673
185,000
 
ConocoPhillips Co., Sr. Unsecd. Note, 2.400%, 3/7/2025
177,682
 
TOTAL
291,312
 
Energy - Midstream—0.5%
45,000
 
Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.600%, 9/1/2032
38,738
40,000
 
Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 4.800%, 5/3/2029
39,258
35,000
 
Eastern Gas Transmission & Storage, Inc., Sr. Unsecd. Note, 3.000%, 11/15/2029
31,215
115,000
 
Eastern Gas Transmission & Storage, Inc., Sr. Unsecd. Note, 3.900%, 11/15/2049
87,356
60,000
 
Energy Transfer LP, Sr. Unsecd. Note, 5.750%, 2/15/2033
61,515
15,000
 
Energy Transfer Partners LP, Sr. Unsecd. Note, 4.900%, 2/1/2024
14,913
95,000
 
Energy Transfer Partners LP, Sr. Unsecd. Note, Series 10Y, 4.950%, 6/15/2028
94,422
10
Shares or
Principal
Amount
 
 
Value
 
CORPORATE BONDS—continued
 
Energy - Midstream—continued
$50,000
 
Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 6.375%, 3/1/2041
$51,740
110,000
 
MPLX LP, Sr. Unsecd. Note, 4.950%, 9/1/2032
107,650
75,000
 
ONEOK, Inc., Sr. Unsecd. Note, 4.950%, 7/13/2047
62,975
20,000
 
ONEOK, Inc., Sr. Unsecd. Note, 6.100%, 11/15/2032
20,722
110,000
 
Plains All American Pipeline LP, Sr. Unsecd. Note, 5.150%, 6/1/2042
92,842
100,000
 
Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033
90,027
100,000
 
Williams Partners LP, Sr. Unsecd. Note, 4.900%, 1/15/2045
88,252
 
TOTAL
881,625
 
Energy - Oil Field Services—0.1%
85,000
 
Halliburton Co., Sr. Unsecd. Note, 5.000%, 11/15/2045
77,462
110,000
 
Schlumberger Investment SA, Sr. Unsecd. Note, 2.650%, 6/26/2030
97,301
 
TOTAL
174,763
 
Energy - Refining—0.1%
75,000
 
Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044
64,748
50,000
 
Phillips 66, Sr. Unsecd. Note, 4.875%, 11/15/2044
46,843
75,000
 
Valero Energy Corp., Sr. Unsecd. Note, 2.800%, 12/1/2031
63,114
 
TOTAL
174,705
 
Financial Institution - Banking—2.4%
115,000
 
Associated Banc-Corp., Sub. Note, 4.250%, 1/15/2025
110,115
260,000
 
Bank of America Corp., Sr. Unsecd. Note, 2.299%, 7/21/2032
209,730
350,000
 
Bank of America Corp., Sr. Unsecd. Note, 3.419%, 12/20/2028
325,467
75,000
 
Bank of America Corp., Sub. Note, Series MTN, 4.000%, 1/22/2025
73,331
200,000
 
Bank of New York Mellon Corp., Sr. Unsecd. Note, Series MTN, 2.200%, 8/16/2023
197,728
50,000
 
Bank of New York Mellon Corp., Sr. Unsecd. Note, Series MTN, 3.992%, 6/13/2028
48,756
75,000
 
Capital One Financial Corp., Sr. Unsecd. Note, 3.273%, 3/1/2030
63,960
95,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.057%, 1/25/2033
80,465
180,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.352%, 4/24/2025
175,507
195,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.400%, 5/1/2026
186,245
90,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.668%, 7/24/2028
85,331
100,000
 
Fifth Third Bancorp, Sr. Unsecd. Note, 6.361%, 10/27/2028
100,753
50,000
 
FNB Corp. (PA), Sr. Unsecd. Note, 5.150%, 8/25/2025
46,911
150,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 1.948%, 10/21/2027
134,154
275,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 1.992%, 1/27/2032
219,870
275,000
 
HSBC Holdings PLC, Sr. Unsecd. Note, 3.900%, 5/25/2026
261,227
100,000
 
Huntington Bancshares, Inc., Sr. Unsecd. Note, 4.443%, 8/4/2028
91,820
120,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 1.953%, 2/4/2032
96,616
100,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 2.963%, 1/25/2033
85,588
325,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 3.509%, 1/23/2029
304,372
75,000
 
M&T Bank Corp., Sr. Unsecd. Note, 5.053%, 1/27/2034
69,714
325,000
 
Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 3.772%, 1/24/2029
308,063
40,000
 
Morgan Stanley, Sr. Unsecd. Note, Series MTN, 1.794%, 2/13/2032
31,427
55,000
 
Morgan Stanley, Sr. Unsecd. Note, Series MTN, 1.928%, 4/28/2032
43,304
80,000
 
Northern Trust Corp., Sub., 6.125%, 11/2/2032
85,340
110,000
 
PNC Financial Services Group, Inc., Sub. Note, 4.626%, 6/6/2033
101,539
75,000
 
Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 3.750%, 12/6/2023
73,617
45,000
 
Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 5.122%, 1/26/2034
43,923
125,000
 
US Bancorp, 4.967%, 7/22/2033
118,469
500,000
 
Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 3.584%, 5/22/2028
471,442
 
TOTAL
4,244,784
11
Shares or
Principal
Amount
 
 
Value
 
CORPORATE BONDS—continued
 
Financial Institution - Broker/Asset Mgr/Exchange—0.1%
$100,000
 
Jefferies Group LLC, Sr. Unsecd. Note, 2.750%, 10/15/2032
$77,256
100,000
 
Raymond James Financial, Inc., Sr. Unsecd. Note, 4.650%, 4/1/2030
97,849
 
TOTAL
175,105
 
Financial Institution - Finance Companies—0.1%
50,000
 
Air Lease Corp., Sr. Unsecd. Note, 5.300%, 2/1/2028
49,387
85,000
 
Air Lease Corp., Sr. Unsecd. Note, 5.850%, 12/15/2027
85,523
 
TOTAL
134,910
 
Financial Institution - Insurance - Health—0.1%
90,000
 
Elevance Health, Inc., Sr. Unsecd. Note, 4.750%, 2/15/2033
90,514
145,000
 
UnitedHealth Group, Inc., Sr. Unsecd. Note, 3.050%, 5/15/2041
114,440
 
TOTAL
204,954
 
Financial Institution - Insurance - Life—0.2%
110,000
 
Lincoln National Corp., Sr. Unsecd. Note, 3.625%, 12/12/2026
100,741
100,000
 
Massachusetts Mutual Life Insurance Co., Sub. Note, 144A, 4.900%, 4/1/2077
86,939
70,000
 
Pacific Life Insurance Co., Sub. Note, 144A, 4.300%, 10/24/2067
54,453
100,000
 
Principal Financial Group, Inc., Sr. Unsecd. Note, 2.125%, 6/15/2030
83,505
75,000
 
Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 4.600%, 5/15/2044
68,605
 
TOTAL
394,243
 
Financial Institution - Insurance - P&C—0.2%
30,000
 
Chubb INA Holdings, Inc., Sr. Unsecd. Note, 3.350%, 5/3/2026
29,039
100,000
 
Chubb INA Holdings, Inc., Sr. Unsecd. Note, 1.375%, 9/15/2030
80,969
200,000
 
Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039
272,404
 
TOTAL
382,412
 
Financial Institution - REIT - Apartment—0.2%
135,000
 
Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 3.350%, 5/15/2027
127,363
135,000
 
Mid-America Apartment Communities LP, 4.000%, 11/15/2025
131,577
110,000
 
UDR, Inc., Sr. Unsecd. Note, Series GMTN, 3.500%, 1/15/2028
102,939
 
TOTAL
361,879
 
Financial Institution - REIT - Healthcare—0.2%
100,000
 
Healthcare Trust of America, Sr. Unsecd. Note, 2.000%, 3/15/2031
78,148
125,000
 
Physicians Realty Trust, Sr. Unsecd. Note, 3.950%, 1/15/2028
117,329
75,000
 
Welltower, Inc., Sr. Unsecd. Note, 2.800%, 6/1/2031
62,368
100,000
 
Welltower, Inc., Sr. Unsecd. Note, 4.250%, 4/1/2026
97,906
 
TOTAL
355,751
 
Financial Institution - REIT - Office—0.1%
130,000
 
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 1.875%, 2/1/2033
97,551
100,000
 
Boston Properties LP, Sr. Unsecd. Note, 3.650%, 2/1/2026
91,493
40,000
 
Piedmont Operating Partnership, LP, Sr. Unsecd. Note, 2.750%, 4/1/2032
27,526
 
TOTAL
216,570
 
Financial Institution - REIT - Other—0.1%
70,000
 
WP Carey, Inc., Sr. Unsecd. Note, 3.850%, 7/15/2029
64,541
50,000
 
WP Carey, Inc., Sr. Unsecd. Note, 4.600%, 4/1/2024
48,947
 
TOTAL
113,488
 
Financial Institution - REIT - Retail—0.1%
135,000
 
Regency Centers LP, Sr. Unsecd. Note, 4.125%, 3/15/2028
128,213
 
Technology—0.9%
165,000
 
Apple, Inc., Sr. Unsecd. Note, 2.375%, 2/8/2041
123,669
65,000
 
Apple, Inc., Sr. Unsecd. Note, 2.400%, 8/20/2050
43,654
112,000
 
Broadcom, Inc., Sr. Unsecd. Note, 4.110%, 9/15/2028
107,105
20,000
 
Broadcom, Inc., Sr. Unsecd. Note, 4.150%, 11/15/2030
18,556
12
Shares or
Principal
Amount
 
 
Value
 
CORPORATE BONDS—continued
 
Technology—continued
$5,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.187%, 11/15/2036
$3,793
50,000
 
CDW LLC / CDW Finance, Sr. Unsecd. Note, 2.670%, 12/1/2026
45,027
100,000
 
Equifax, Inc., Sr. Unsecd. Note, 2.600%, 12/1/2024
95,601
30,000
 
Fidelity National Information Services, Inc., Sr. Unsecd. Note, 4.700%, 7/15/2027
29,566
35,000
 
Fidelity National Information Services, Inc., Sr. Unsecd. Note, 5.625%, 7/15/2052
33,669
95,000
 
Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029
88,215
80,000
 
Fiserv, Inc., Sr. Unsecd. Note, 3.800%, 10/1/2023
79,268
100,000
 
Lam Research Corp., Sr. Unsecd. Note, 4.000%, 3/15/2029
98,055
65,000
 
Microsoft Corp., Sr. Unsecd. Note, 2.525%, 6/1/2050
46,057
200,000
 
Microsoft Corp., Sr. Unsecd. Note, 3.125%, 11/3/2025
195,143
125,000
 
Oracle Corp., Sr. Unsecd. Note, 3.600%, 4/1/2050
88,790
125,000
 
Oracle Corp., Sr. Unsecd. Note, 6.250%, 11/9/2032
134,512
85,000
 
Trimble, Inc., Sr. Unsecd. Note, 6.100%, 3/15/2033
85,905
110,000
 
Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029
105,302
25,000
 
Verisk Analytics, Inc., Sr. Unsecd. Note, 5.500%, 6/15/2045
24,395
40,000
 
VMware, Inc., Sr. Unsecd. Note, 1.400%, 8/15/2026
35,400
35,000
 
VMware, Inc., Sr. Unsecd. Note, 2.200%, 8/15/2031
27,731
 
TOTAL
1,509,413
 
Technology Services—0.1%
110,000
 
Fortinet, Inc., Sr. Unsecd. Note, 1.000%, 3/15/2026
98,791
85,000
 
Global Payments, Inc., Sr. Unsecd. Note, 4.950%, 8/15/2027
84,047
90,000
 
Verisign, Inc., Sr. Unsecd. Note, 2.700%, 6/15/2031
76,368
 
TOTAL
259,206
 
Transportation - Railroads—0.2%
75,000
 
Burlington Northern Santa Fe Corp., Sr. Unsecd. Note, 3.000%, 4/1/2025
72,903
110,000
 
Kansas City Southern Industries, Inc., Sr. Unsecd. Note, 3.500%, 5/1/2050
83,466
65,000
 
Union Pacific Corp., Sr. Unsecd. Note, 2.375%, 5/20/2031
56,153
100,000
 
Union Pacific Corp., Sr. Unsecd. Note, 2.400%, 2/5/2030
88,040
 
TOTAL
300,562
 
Transportation - Services—0.2%
65,000
 
FedEx Corp., Sr. Unsecd. Note, 3.250%, 5/15/2041
49,636
80,000
 
GXO Logistics, Inc., Sr. Unsecd. Note, Series WI, 1.650%, 7/15/2026
70,459
80,000
 
GXO Logistics, Inc., Sr. Unsecd. Note, Series WI, 2.650%, 7/15/2031
62,293
30,000
 
Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.550%, 5/1/2028
29,969
70,000
 
Penske Truck Leasing Co. LP & PTL Finance Corp., Sr. Unsecd. Note, 144A, 5.700%, 2/1/2028
70,693
50,000
 
Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.850%, 3/1/2027
46,022
 
TOTAL
329,072
 
Utility - Electric—1.3%
165,000
 
Ameren Corp., Sr. Unsecd. Note, 1.750%, 3/15/2028
143,536
50,000
 
American Electric Power Co., Inc., Jr. Sub. Note, 2.031%, 3/15/2024
48,393
60,000
 
American Electric Power Co., Inc., Sr. Unsecd. Note, 5.625%, 3/1/2033
62,115
100,000
 
Black Hills Corp., Sr. Unsecd. Note, 2.500%, 6/15/2030
83,205
75,000
 
Constellation Energy Generation LLC, Sr. Unsecd. Note, 5.800%, 3/1/2033
77,416
65,000
 
Dominion Energy, Inc., Jr. Sub. Note, 3.071%, 8/15/2024
63,086
200,000
 
Duke Energy Corp., Sr. Unsecd. Note, 2.650%, 9/1/2026
187,218
125,000
 
Duke Energy Corp., Sr. Unsecd. Note, 3.750%, 9/1/2046
97,398
75,000
 
Emera US Finance LP, Sr. Unsecd. Note, 3.550%, 6/15/2026
71,541
50,000
 
Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046
40,641
100,000
 
Enel Finance International SA, Company Guarantee, 144A, 6.000%, 10/7/2039
98,717
25,000
 
Exelon Corp., Sr. Unsecd. Note, 4.100%, 3/15/2052
20,592
13
Shares or
Principal
Amount
 
 
Value
 
CORPORATE BONDS—continued
 
Utility - Electric—continued
$100,000
 
Exelon Corp., Sr. Unsecd. Note, 4.700%, 4/15/2050
$90,801
100,000
 
FirstEnergy Transmission LLC, Sr. Unsecd. Note, 144A, 4.550%, 4/1/2049
84,312
93,000
 
Fortis, Inc./Canada, Sr. Unsecd. Note, 3.055%, 10/4/2026
87,354
190,000
 
Kansas City Power and Light Co., Sr. Unsecd. Note, 4.200%, 3/15/2048
161,108
50,000
 
National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046
46,638
200,000
 
NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 2.250%, 6/1/2030
169,195
65,000
 
NiSource Finance Corp., Sr. Unsecd. Note, 4.375%, 5/15/2047
56,562
10,000
 
NiSource, Inc., Sr. Unsecd. Note, 5.250%, 3/30/2028
10,180
300,000
 
PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026
284,658
125,000
 
Puget Energy, Inc., Sec. Fac. Bond, 2.379%, 6/15/2028
110,213
100,000
 
Southern Co., Jr. Sub. Note, Series B, 4.000%, 1/15/2051
91,994
20,000
 
WEC Energy Group, Inc., Sr. Unsecd. Note, 5.150%, 10/1/2027
20,365
 
TOTAL
2,207,238
 
Utility - Natural Gas—0.3%
100,000
 
Enbridge Energy Partners LP, Sr. Unsecd. Note, 5.500%, 9/15/2040
96,707
40,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 2.950%, 3/1/2031
32,180
70,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 5.500%, 1/15/2026
70,064
130,000
 
Sempra Energy, Sr. Unsecd. Note, 3.700%, 4/1/2029
120,881
120,000
 
Southern Natural Gas, Sr. Unsecd. Note, 144A, 4.800%, 3/15/2047
102,378
90,000
 
TransCanada PipeLines Ltd., Sr. Secd. Note, 5.100%, 3/15/2049
83,793
 
TOTAL
506,003
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $22,612,976)
20,671,039
 
COMMERCIAL MORTGAGE-BACKED SECURITIES—0.6%
 
Agency Commercial Mortgage-Backed Securities—0.2%
229,243
 
FHLMC REMIC, Series K105, Class A1, 1.536%, 9/25/2029
204,959
290,000
 
FREMF Mortgage Trust 2015-K49 REMIC, Class B, 3.725%, 10/25/2048
279,891
 
TOTAL
484,850
 
Commercial Mortgage—0.4%
110,000
 
Bank, Class A4, 3.394%, 3/15/2064
96,237
85,000
 
Bank, Class A4, 3.488%, 11/15/2050
78,960
200,000
 
Benchmark Mortgage Trust 2020-B19, Class A5, 1.850%, 9/15/2053
159,111
50,000
 
Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 2/10/2048
47,488
200,000
 
Fontainebleau Miami Beach Trust, Class B, 3.447%, 12/10/2036
188,009
100,000
 
JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049
92,494
 
TOTAL
662,299
 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $1,280,631)
1,147,149
 
FOREIGN GOVERNMENTS/AGENCIES—0.2%
 
Sovereign—0.2%
200,000
 
Mexico, Government of, 3.750%, 1/11/2028
191,646
100,000
 
Poland, Government of, Sr. Unsecd. Note, 4.000%, 1/22/2024
99,200
 
TOTAL FOREIGN GOVERNMENTS/AGENCIES
(IDENTIFIED COST $301,950)
290,846
 
MORTGAGE-BACKED SECURITIES—0.0%
 
Government National Mortgage Association—0.0%
3,236
 
Government National Mortgage Association, Pool 2796, 7.000%, 8/20/2029
3,365
1,984
 
Government National Mortgage Association, Pool 3040, 7.000%, 2/20/2031
2,080
5,660
 
Government National Mortgage Association, Pool 3188, 6.500%, 1/20/2032
5,927
14
Shares or
Principal
Amount
 
 
Value
 
MORTGAGE-BACKED SECURITIES—continued
 
Government National Mortgage Association—continued
$6,823
 
Government National Mortgage Association, Pool 3239, 6.500%, 5/20/2032
$7,162
 
TOTAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $17,691)
18,534
 
ADJUSTABLE RATE MORTGAGE—0.0%
 
Federal National Mortgage Association—0.0%
1,571
2
Federal National Mortgage Association ARM, 4.094%, 9/1/2037
(IDENTIFIED COST $1,582)
1,612
 
INVESTMENT COMPANIES—21.4%
1,617
 
Bank Loan Core Fund
14,103
363,922
 
Emerging Markets Core Fund
2,878,621
548,372
 
Federated Hermes High Income Bond Fund II, Primary Shares
2,851,533
1,092
 
Federated Hermes Short-Intermediate Government Fund, Institutional Shares
10,868
3,275,988
 
Mortgage Core Fund
27,845,897
419,092
 
Project and Trade Finance Core Fund
3,662,864
 
TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $39,050,397)
37,263,886
 
REPURCHASE AGREEMENT—7.3%
$12,727,000
 
Interest in $1,896,000,000 joint repurchase agreement 4.82%, dated 3/31/2023 under which Bank of America, N.A. will
repurchase securities provided as collateral for $1,896,761,560 on 4/3/2023. The securities provided as collateral at the end of
the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to
5/20/2052 and the market value of those underlying securities was $1,934,696,791.
(IDENTIFIED COST $12,727,000)
12,727,000
 
TOTAL INVESTMENT IN SECURITIES—100.5%
(IDENTIFIED COST $169,363,341)
174,895,774
 
OTHER ASSETS AND LIABILITIES - NET—(0.5)%3
(900,775)
 
TOTAL NET ASSETS—100%
$173,994,999
At March 31, 2023, the Fund had the following outstanding futures contracts:  
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures:
 
S&P 500 E-Mini Long Futures
172
$35,584,650
June 2023
$2,092,320
United States Treasury Notes 2-Year Long Futures
50
$10,322,656
June 2023
$109,081
United States Treasury Notes 10-Year Ultra Long Futures
30
$3,634,219
June 2023
$113,997
Short Futures:
 
United States Treasury Notes 5-Year Short Futures
20
$2,190,156
June 2023
$(44,367)
United States Treasury Notes 10-Year Ultra Short Futures
300
$34,476,563
June 2023
$(931,365)
United States Treasury Ultra Bond Short Futures
6
$846,750
June 2023
$(29,760)
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS
$1,309,906
The average notional value of long and short futures contracts held by the Fund throughout the period was $51,501,466 and $38,689,152, respectively. This is based on the contracts held as of each month-end throughout the three-month fiscal period.
The average market value of purchased put options held by the Fund throughout the period was $286,719. This is based on amounts held as of each month-end throughout the three-month fiscal period.
Net Unrealized Appreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”
15
Transactions with affiliated investment companies, which are funds managed by Federated Global Investment Management Corp., Federated Investment Management Company and Federated Equity Management Company of Pennsylvania (collectively, the “Co-Advisers”) or an affiliate of the Co-Advisers during the period ended March 31, 2023, were as follows:  
Affiliates
Value as of
12/31/2022
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation/
Depreciation
Net
Realized
Gain/
(Loss)
Value as of
3/31/2023
Shares
Held as of
3/31/2023
Dividend
Income
Bank Loan Core Fund
$13,706
$304
$—
$93
$—
$14,103
1,617
$304
Emerging Markets Core Fund
$2,389,776
$492,210
$—
$(3,365)
$—
$2,878,621
363,922
$42,210
Federated Hermes High Income Bond Fund II, Primary
Shares
$2,753,671
$166,458
$—
$(68,596)
$—
$2,851,533
548,372
$165,477
Federated Hermes Short-Intermediate Government Fund,
Institutional Shares
$10,633
$83
$—
$152
$—
$10,868
1,092
$82
Mortgage Core Fund
$21,642,062
$5,829,628
$—
$374,207
$—
$27,845,897
3,275,988
$229,628
Project and Trade Finance Core Fund
$3,567,737
$62,167
$—
$32,960
$—
$3,662,864
419,092
$62,230
TOTAL OF AFFILIATED TRANSACTIONS
$30,377,585
$6,550,850
$—
$335,451
$—
$37,263,886
4,610,083
$499,931
 
1
Non-income-producing security.
2
Floating/adjustable note with current rate and current maturity or next reset date shown. Adjustable rate mortgage security coupons are based on the weighted
average note rates of the underlying mortgages less the guarantee and servicing fees. These securities do not indicate an index and spread in their description
above.
3
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at March 31, 2023.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
◾ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
◾ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Co-Advisers.
◾ Shares of other mutual funds or non-exchange traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
◾ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.
◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Co-Advisers.
◾ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Co-Advisers, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Co-Advisers valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Co-Advisers valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
Pursuant to Rule 2a-5 under the Investment Company Act, the Fund’s Board of Trustees (the “Trustees”) has designated the Co-Advisers as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Co-Advisers are subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Co-Advisers’ fair value determinations.
The Co-Advisers, acting through their Valuation Committee, are responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Fund, the Co-Advisers and certain of the Co-Advisers’ affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Co-Advisers based on recent market activity. In the event that market quotations and price evaluations are not available for an
16
investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Co-Advisers. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Co-Advisers fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Co-Advisers.
The Co-Advisers have also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
◾ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
◾ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
◾ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Co-Advisers have adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Co-Advisers. The Trustees periodically review fair valuations made in response to significant events.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
17

The following is a summary of the inputs used, as of March 31, 2023, in valuing the Fund’s assets carried at fair value:  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Equity Securities:
Common Stocks
Domestic
$64,926,908
$—
$—
$64,926,908
International
3,857,772
228,076
—
4,085,848
Debt Securities:
U.S. Treasuries
—
33,762,952
—
33,762,952
Corporate Bonds
—
20,671,039
—
20,671,039
Commercial Mortgage-Backed Securities
—
1,147,149
—
1,147,149
Foreign Governments/Agencies
—
290,846
—
290,846
Mortgage-Backed Securities
—
18,534
—
18,534
Adjustable Rate Mortgages
—
1,612
—
1,612
Repurchase Agreement
—
12,727,000
—
12,727,000
Investment Companies1
33,601,022
—
—
37,263,886
TOTAL SECURITIES
$102,385,702
$68,847,208
$—
$174,895,774
Other Financial Instruments:2
Assets
$2,315,398
$—
$—
$2,315,398
Liabilities
(1,005,492)
—
—
(1,005,492)
TOTAL OTHER FINANCIAL INSTRUMENTS
$1,309,906
$—
$—
$1,309,906
 
1
As permitted by U.S. generally accepted accounting principles, an Investment Company valued at $3,662,864 is measured at fair value using the NAV per share
practical expedient and has not been categorized in the chart above but is included in the Total column. The price of shares redeemed of Project and Trade
Finance Core Fund may be determined as of the closing NAV of the fund up to twenty-four days after receipt of a shareholder redemption request.
2
Other financial instruments are futures contracts.
 
The following acronym(s) are used throughout this portfolio:
 
ADR
—American Depositary Receipt
ARM
—Adjustable Rate Mortgage
FHLMC
—Federal Home Loan Mortgage Corporation
FREMF
—Freddie Mac Multifamily K-Deals
GMTN
—Global Medium Term Note
MTN
—Medium Term Note
PLC
—Public Limited Company
REIT
—Real Estate Investment Trust
REMIC
—Real Estate Mortgage Investment Conduit
18